Unemployment Rate (Australia)
Declining Unemployment in Australia
Starts Tuesday, August 21, 2018 at 17:40
Updated Tuesday, August 14, 2018
The unemployment rate has been holding steady at 5.6% in average for the past year in Australia. Although, in June the unemployment rate declined to 5.4% and it remained at that level in July as well. This has taken the interest rates to a lower level in Australia and if this month's number comes at the same level or lower, then this will be the new trend. It will still be interesting to see what impact it will have on the AUD and the NZD given the current global political situation.
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About Unemployment Rate (Australia)
Released by the Australian Bureau of Statistics, the Unemployment Rate is the number of unemployed workers represented as a percentage of the aggregate civilian labor force. Abnormally high or growing Unemployment statistics are an indication of economic slowdown.Unemployment is a primary economic metric. Its performance is viewed as being correlated with consumer confidence, consumer spending, and industrial growth. Being a top 20 global power in terms of GDP, Australia depends heavily on its industrial and services sectors for output. Mining, food processing, steel, and chemical production play large roles in Australian industry.A high Unemployment reading is interpreted as bearish toward the AUD. Low or shrinking Unemployment fosters positive sentiment toward the AUD.